Roles of Economics
What are needs?
Market value of all final goods and services produced in a country during one year.
What is Gross Domestic Product (GDP)?
Guidelines used in making consistent decisions
This viewpoint acknowledges differing values and laws do not make one country better than another.
What is cultural relativism?
Business that changes raw goods into a more finished product.
What is a processor?
Gives an inventor the sole right ot make, use, or sell the item for 17 years.
What is a patent?
Involves the use of a 3rd party who tries to solve the complaint between the consumer and the business.
What is mediation?
A product category that represents something intangible that is done for a customer?
What is a service?
Not having enough resources to satisfy every need
What is scarcity?
Period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters of the calendar year.
What is recession?
Business is owned and run by just one person.
What is a sole-proprietorship?
Actions entrepreneurs and companies take that go beyond their financial self-interest.
What is social responsibility?
The employment process is carried out by which department?
What is HR?
Protects the creative work of authors, composers, and artists.
What is a copyright?
Third party action that results in legally binding decisions.
What is arbitration?
Done to suggest that a product is of high quality.
What is prestige pricing?
Consumers have unlimited needs and wants, but economic resources are limited.
What is the basic economic problem?
The phase that follows a recession in the business cycle.
What is expansion?
A short, specific written statement of the reason a business exists and what it wants to achieve.
What is a mission statement?
Employees and shareholders
Who are internal stakeholders?
Training gives employees hands-on practice with supervision.
What is on-the-job training?
How might changes in government's role in the economy most directly impact business.
What are new regulations and policies?
Contact place of purchase.
What is the 1st step i the consumer complaint process?
Stage of the product life cycle that companies typically spend the most money?
What is the introduction stage?
Private property, freedom of choice, profit and competition
What are the 4 principles of the U.S. economic system?
Salary, wages, investment income
What is person income?
Written agreement among all owners that details rules and procedures that guides ownership and operations.
What is a partnership agreement?
When an individual might take action advantageous to themselves but disadvantageous to those they serve.
What is conflict of interest?
The product life cycle stage that focuses on beating the competition, improving the product, and increasing sales.
What is the maturity stage?
The level of government that regulates business actions within its own borders.
What is local government?
The consumer can seek legal remedy.
Promotional tool that creates instant brand recognition.
What is a Logo?
What to provide, how to provide it, and what needs and wants will be satisfied with what is provided.
What are the 3 economic questions?
Primary cause of a budget deficit.
What is spending more than you bring in?
What is a franchise?
All people or companies associated with an enterprise (business).
What are stakeholder?
Determine the use of company resources
What is the finance department?
The most effective way to promote ethical behavior in a company.
What is lead by example from the top?
The main advantage of small claims court.
What are quick and inexpensive results?
Primary function of packaging beyond protecting the product?
What is provide important product information?